Nomura initiates coverage on Aditya Birla Real Estate, predicts 30% upside on strong growth outlook
strong growth visibility, the shares of Aditya Birla Real Estate (ABREL) may go up 30% predicted global brokerage firm Nomura while initiating coverage on the stock with a ‘buy’ rating and a target price of Rs 3,700.
Nomura believes that ABREL has all the qualities to rank among top 5 real estate players in India.
The brokerage has cited 3 primary reasons for their optimism on the stock.
First, the long-term visibility. The development potential of its 40-acre prime Worli land parcel alone could drive cumulative pre-sales of Rs 40,000 crore at +40% EBITDA margins over its lifetime on a conservative basis.
Secondly, large-scale, disciplined and quality business development (BD) in Mumbai, the National Capital Region (NCR), Bangalore and Pune provides visibility on future pre-sales and margins.
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